Income Taxes (Tables)

9 Months Ended

Sep. 30, 2019

We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of our actual earnings compared to annual projections, our effective tax rate may vary quarterly and may make comparisons not meaningful. Income tax (benefit) expense was as follows (in thousands):

		Three Months Ended September 30,					Nine Months Ended September 30,
		2019			2018			2019			2018
Income tax (benefit) expense	$	(47,219	)	$	24,137		$	(1,432	)	$	38,295
Effective tax rate		63.1	%		33.2	%		(1.6	%)		68.1	%

Summary of Differences In Effective Tax Rate and Federal Statutory Rate Due to State Income Taxes, Equity Compensation and Other Tax Items

For the three and nine months ended September 30, 2019 and 2018, our overall effective tax rate was different than the federal statutory rate due primarily to state income taxes (including adjustments to state income tax valuation allowances), equity compensation and other tax items which are detailed below (in thousands).

		Three Months Ended September 30,					Nine Months Ended September 30,
		2019			2018			2019			2018
Total (loss) income before income taxes	$	(74,800	)	$	72,676		$	87,591		$	56,236
U.S. federal statutory rate		21	%		21	%		21	%		21	%
Total tax (benefit) expense at statutory rate		(15,708	)		15,262			18,394			11,810

State and local income taxes, net of federal benefit		(2,721	)		2,691			3,822			3,439
State apportionment rate change		(44,203	)		—			(44,203	)		—
Equity compensation		286			6			4,174			2,146
Change in valuation allowances:
Federal net operating loss carryforwards		916			—			—			—
State net operating loss carryforwards and other		14,952			5,558			15,568			19,194
Other		(481	)		100			(782	)		1,499
Permanent differences and other		(260	)		520			1,595			207
Total (benefit) expense for income taxes	$	(47,219	)	$	24,137		$	(1,432	)	$	38,295
Effective tax rate		63.1	%		33.2	%		(1.6	%)		68.1	%